Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,292/1,285 points and resistance at 1,308/1,316 points.</li><li>In the medium term, the index remains in a downtrend, forming a rounding top pattern, with downside risk extending to 1,255 points after hitting a new 4-year and 3-month low at 1,270.87 points on Monday.</li><li>Investment strategy: Sell on rallies and wait for a new technical buy signal.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,292/1,285 points and resistance at 1,308/1,316 points.In the medium term, the index remains in a downtrend, forming a rounding top pattern, with downside risk extending to 1,255 points after hitting a new 4-year and 3-month low at 1,270.87 points on Monday.Investment strategy: Sell on rallies and wait for a new technical buy signal.

Global Services Reports for January, US Private Sector Employment, and Thai Inflation

Technical Analysis

<ul><li>President Trump signaled a potential interest rate cut and a possible easing of the trade war with China, helping the Hang Seng lead the Asian markets with a strong rebound.</li><li>The index surged quickly, setting its sights on testing resistance at 1,364 points.</li><li>Moving forward, the index is expected to either continue its rebound or trade sideways as it waits for stronger volume to confirm the trend.</li></ul>

President Trump signaled a potential interest rate cut and a possible easing of the trade war with China, helping the Hang Seng lead the Asian markets with a strong rebound.The index surged quickly, setting its sights on testing resistance at 1,364 points.Moving forward, the index is expected to either continue its rebound or trade sideways as it waits for stronger volume to confirm the trend.

Recommendation: Buy On Weakness, Sell On Strength

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,360/1,364 points and the support at 1,343/1,338 points.</li><li>Investors are recommended to start speculative buying with a stop-loss point at 1,343 points.</li><li>The focus should be on large cap stocks tied to domestic consumption, such as CPALL, CRC, CPAXT, ADVANC, and INTUCH.</li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,360/1,364 points and the support at 1,343/1,338 points.Investors are recommended to start speculative buying with a stop-loss point at 1,343 points.The focus should be on large cap stocks tied to domestic consumption, such as CPALL, CRC, CPAXT, ADVANC, and INTUCH.

Equity Bottom-Up

<ul><li>KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%.</li><li>We have added PTTGC to the portfolio as a replacement.</li><li>Strong rebounds in electronic-component stocks (HANA and KCE) helped cushion the decline in the portfolio's average return to -0.62%, broadly in line with the SET's -0.65%.</li></ul>

KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%.We have added PTTGC to the portfolio as a replacement.Strong rebounds in electronic-component stocks (HANA and KCE) helped cushion the decline in the portfolio's average return to -0.62%, broadly in line with the SET's -0.65%.

KTX Tactical Picks - September 11, 2026 (Eng.)

<ul><li>The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July.</li><li>Crude oil prices surged to nearly USD110/bbl after the Houthis seized a port city in Yemen, disrupting shipping in the Red Sea.</li><li>Data center investment in Thailand is expected to reach around Bt570bn during 2026-30, benefiting infrastructure plays (WHA, GULF and WHAUP).</li></ul>

The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July.Crude oil prices surged to nearly USD110/bbl after the Houthis seized a port city in Yemen, disrupting shipping in the Red Sea.Data center investment in Thailand is expected to reach around Bt570bn during 2026-30, benefiting infrastructure plays (WHA, GULF and WHAUP).

Krungthai XSpring Zoom Eng. September 11, 2026

Thailand

KCE Electronics manufactures and distributes printed circuit boards (PCBs) under the "KCE" trademark, serving a global customer base in the automotive, telecommunications, computer network, industrial, medical, and consumer product industries. They offer various PCB types, including double-sided, multilayer, semi-flex, and high-density interconnect (HDI) PCBs. The company is headquartered in Bangkok, Thailand, and was founded on November 5, 1982.

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KCE Electronics (KCE-R TB)

Global Services Reports for January, US Private Sector Employment, and Thai Inflation

Technically, the SET Index is expected to weaken, with the support at 1,292/1,285 points and resistance at 1,308/1,316 points. In the medium term,...

Krungthai XSpring

Recommendation: Buy On Weakness, Sell On Strength

President Trump signaled a potential interest rate cut and a possible easing of the trade war with China, helping the Hang Seng lead the Asian...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to rise, with the resistance at 1,360/1,364 points and the support at 1,343/1,338 points. Investors are...

Krungthai XSpring

KTX Tactical Picks - September 11, 2026 (Eng.)

KKP has fallen out of our ranking criteria, with a holding-period return of -1.0%. We have added PTTGC to the portfolio as a replacement. Strong...

Krungthai XSpring

Krungthai XSpring Zoom Eng. September 11, 2026

The US headline Producer Price Index (PPI) rose 5.4% YoY in August, above the market forecast of 5.3% and accelerating from 4.8% in July. Crude...

Krungthai XSpring

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